Project Management - Overview and Best Practices

Project Management U N IT 1 B US IN E S S L E AD E R S H I P & P R OJE C T M AN AGE M E N T L E S S ON 2 What is a project? A project is a temporary endeavor to create a unique product, service, or result” –American National Standard Examples: Building a new school Developing...

Project Management U N IT 1 B US IN E S S L E AD E R S H I P & P R OJE C T M AN AGE M E N T L E S S ON 2 What is a project? A project is a temporary endeavor to create a unique product, service, or result” –American National Standard Examples: Building a new school Developing a mobile app Planning a wedding Can you think of a project you've been involved in recently? Culminating! 4 characteristics Temporary: Has a defined beginning and end Unique: Produces something new or different Progressive: Develops in steps Constrained: Limited by time, cost, and scope Examples Construction: Building a skyscraper or bridge Technology: Launching a new social media platform Entertainment: Producing a movie or video game Science: Developing a new vaccine Space exploration: Mars rover mission What are some projects that we do in school? Food fair Class project Bracelet workshop Drama performance What is project management? “The application of knowledge, skills, tools, and techniques to meet project requirements” –Project Management Institute, Inc Steps in project management Planning Executing Monitoring Closing Aims to deliver projects on time, within budget, and to the required quality Why need project management? Possibility of success Resource allocation o human, financial, material – what is needed, when is needed, who need Improves communication and stakeholder satisfaction o Keep everyone on the same page Manages risks and uncertainties o When emergency comes, we have a plan B on hand Align with organizational goals Case study: Denver International Airport DIA failure The project was intended to create a state-of-the-art airport that could handle an increasing volume of air traffic and provide a modern facility with advanced technology. Initially estimated to cost around $1.7 billion and scheduled to open in 1993, the project ultimately exceeded its budget and was delayed for several years, opening in 1995 at a cost of approximately $4.8 billion. DIA failure Why? Scope Creep: The project underwent numerous changes and expansions in scope, which led to complexities and increased costs. Technical Challenges: It was intended to streamline luggage processing but ultimately failed to work as planned, leading to operational chaos. Poor Communication: between contractors, engineers, and airport authorities Underestimate risks: Project managers did not adequately assess the risks associated with new technologies, leading to over-reliance on the automated baggage system Best Project Manageme nt Software in 2025 Role of project manager Lead and motivate the project team Plan and organize project activities Manage project resources and budget Communicate with stakeholders Monitor progress and manage risks Steps in project management Initiating: Defining the project and obtaining approval Planning: Developing project plan and schedule Executing: Carrying out the project work Monitoring and Controlling: Tracking progress and making adjustments Closing: Finalizing all activities and formally ending the project Which process do you think is most challenging? Why? Project Management Triangle Also known as the Triple Constraint Three key elements: Scope, Time, Cost Changing one element affects the others Trade-offs between scope, time, and cost "Fast, cheap, good - pick two" Prioritizing constraints based on project goals Scope Defines what is included (and excluded) in the project Includes project goals, deliverables (final products), tasks, and deadlines E.g. In a website development project, if the client decides to add new features after the project has started, the scope has increased, potentially impacting the timeline and budget. Scope creep: Uncontrolled changes or growth in project scope Time Time refers to the schedule for completing the project, including deadlines for deliverables and milestones. E.g. If the project timeline is shortened, it may require more resources or less quality to meet the new deadlines. But, extending the timeline can provide more flexibility but may increase costs. Cost Estimating project costs Developing and managing budget Tracking expenses and managing cash flow Dealing with cost overruns E.g. If a construction project faces budget constraints, the project manager may need to reduce the scope (e.g., fewer features in the building) or extend the timeline to complete the project within budget. Activity In each group, Come up with an activity or event or project that you want to do for the school. (charity run, homeroom competition, dance club recruitment, etc.) Create an organization chart, write down each position’s role and responsibilities. You and your group will present the chart.